Annual Report 2014
This is the 2014 annual report of Etex Group
This is the 2014 annual report of Etex Group
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Etex <strong>Annual</strong> <strong>Report</strong> <strong>2014</strong><br />
Financial report<br />
Consolidated financial statements<br />
Note 27 – Transactions with related parties<br />
Transactions between Etex and its subsidiaries, which are related parties, have been eliminated in the consolidation and are accordingly<br />
not included in the notes. Transactions with equity accounted investees and joint ventures are included in note 12.<br />
Transactions with members of the Board of Directors and Executive Committee:<br />
IN THOUSANDS OF EUR 2013 <strong>2014</strong><br />
Board of Directors:<br />
Short term employee benefits 546 557<br />
Executive Committee:<br />
Short term employee benefits 6,434 5,261<br />
Post employment benefits 474 440<br />
Share based payment -180 708<br />
Number of stock options granted during the year 156,000 253,000<br />
Transactions with companies in which members of the Board of Directors are active, reflect third party conditions<br />
and are immaterial in scope.<br />
Note 28 – Remuneration of statutory auditor<br />
The world-wide audit remuneration for the statutory auditor totalled € 2,510 thousand (€ 2,871 thousand in 2013).<br />
The fees paid to the statutory auditor for assistance and advice amounted to € 169 thousand (€ 218 thousand in 2013).<br />
Note 29 – Etex companies<br />
The major companies included in the consolidated financial statements are listed below. An exhaustive list of the Group companies<br />
with their registered office will be filed at the Belgian National Bank together with the consolidated financial statements.<br />
% EQUITY INTEREST<br />
2013 <strong>2014</strong><br />
Austria Creaton GmbH 99.98% 99.98%<br />
Promat GmbH 100% 100%<br />
Belgium Comptoir du Bâtiment N.V. 100% 100%<br />
Etergyp S.A. 100% 100%<br />
Eternit N.V. 100% 100%<br />
Etex Engineering N.V. 100% 100%<br />
Etex S.A. 100% 100%<br />
Etexco S.A. 100% 100%<br />
Euro Panels Overseas N.V. 100% 100%<br />
Manasco N.V. 100% 100%<br />
Microtherm N.V. 100% 100%<br />
Promat International N.V. 100% 100%<br />
Promat Research and Technology Center N.V. 100% 100%<br />
Redco N.V. 100% 100%<br />
Siniat N.V. 80% 100%<br />
Bosnia Siniat Adria Gips LLC 80% 100%<br />
Cyprus Asmad Alci Ltd STI 80% 100%<br />
Czech Republic Intumex s.r.o. 100% 100%<br />
Promat s.r.o. 100% 100%<br />
Promat servis s.r.o. 100% 100%<br />
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